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RECEPTION#: 721529, 01/27/2012 at 10:05:36 AM, 2 OF 12 Doc Code:LEA, Kay <br /> Weinland, Routt County, CO <br /> I. The Current Lessors have agreed to sell the property on which the gravel pit is located to <br /> Purchaser. The acreage of the property to be sold is 295 acres. <br /> J. The Current Lessors contend that the Premises described in the Lease Agreement is <br /> limited to 47.6 acres which are described as the permitted area in the Division of Minerals and <br /> Geology permit issued to Lessee for the gravel pit (the "Permit") whereas the Lessee contends <br /> that the Premises is the entire 295 acres described as the North one-half of Section 12,Township <br /> 6 North, Range 88 West of the Sixth P.M., less 3.63 acres, more or less, conveyed to James D. <br /> Funk and Avis H. Funk by Warranty Deed recorded in Book 289, Page 570, of the Routt <br /> County, Colorado records and less 16.979 acres, more or less, conveyed to the Colorado State <br /> Highway Commission by Right-of-Way Deed recorded in Book 258, Page 189, of the Routt <br /> County,Colorado records(the"Property"). <br /> K. The Purchaser is only willing to complete the purchase of the 295 acre Property if the <br /> dispute described in Recital J. above is resolved so as to limit the Premises to the 47.6 acres <br /> described in the Permit. Lessee is only willing to agree to limit the Premises, if the term of the <br /> Lease Agreement is extended. <br /> L. The Current Lessors, the Lessee and the Purchaser intend to set forth in this Amended <br /> Lease Agreement, the provisions for resolution of the dispute described in Recital J, the <br /> extension of the term of the Lease Agreement, and to fully amend and restate the Lease <br /> Agreement. It is the intent of the parties to this Amended Lease Agreement that it shall be <br /> effective only upon the completion of the sale of the Property to the Purchaser. <br /> Terms and Conditions <br /> 1. Effectiveness and Effective Date. The Lease Agreement as amended by the First <br /> Amendment is hereby amended and restated as set forth herein. However, this Amended Lease <br /> Agreement shall only be effective when and if the sale of the Property to the Purchaser is <br /> completed and shall not be recorded prior to the completion of that sale. For the purposes of this <br /> Amended Lease Agreement, the sale of the Property shall be deemed completed when the deed <br /> or other conveyance from the Current Lessors to the Purchaser of the Property is recorded in the <br /> official records of the Routt County Clerk and Recorder. That date shall be the Effective Date of <br /> this Amended Lease Agreement. This Amended Lease Agreement shall be recorded <br /> contemporaneously with that deed. If the sale of the Property is not completed by March 31, <br /> 2012,this Amended Lease Agreement shall be null and void and without effect. <br /> 2. Premises. The Premises shall be the 47.6 acres of the 295 acre Property as described in the <br /> Permit and as shown on the attached Survey and Existing Site Conditions Map,together with the <br /> right to use the existing access road for ingress and egress to the Premises. Expansion of the <br /> gravel pit shall be in a southeasterly direction at the same elevation as the existing pit. <br /> 3. Purpose. Purchaser leases the Premises to the Lessee for the sole purpose of quarrying, <br /> mining, removing, crushing and processing gravel, sand and rock, collectively referred to as <br /> "Materials." Lessee shall also have the right to establish an asphalt or concrete batch plant if <br /> permitted in accordance with federal, state and local regulations and to allow a private contractor <br /> 2 <br />